Before we dive into the mechanics, let’s answer a few questions:
Why was 2XDN used as the DAO funding token instead of WXDN or XDN?
Firstly, 2XDN has always been part of the Team’s plan to use the token as the DAO token. The original concept was to use the 2XDN that was distributed on the Ethereum network, but high gas fees stalled the initiative and we had to put the plan on the burner. The delay in ETH2 forced us to offer our community 2XDN on the BSC (Binance Smart Chain) network which had lower fees. Secondly, the supply of 2XDN is significantly lower than that of XDN, featuring a maximum of 70,000,000 2XDN. Thirdly, 2XDN is deflationary with a 2% Liquidity pool contribution on the sale of the asset. There are just over half of all 2XDN in circulation. So this gives the team and community a better vehicle to raise the necessary funds. The fourth reason is that we need 2XDN to start being tracked by the likes of CMC, Coingecko, etc so that the community is aware of progress on the DAO development of DigitalNote.
What does the Hybrid DigitalNote XDN DAO mean?
This is again something unique that DigitalNote will be pioneering. Traditional DAO’s only use their Governance tokens to vote on proposals. The DigitalNote DAO token 2XDN will and can be used in a number of mechanisms.
- Contests – This process will involve setting up a contest of features that can be sponsored and the one that gets the most votes is implemented. All funds that were pledged to the losing proposal get channeled to fund the winning proposal.
- Sponsored Proposal – The community can post their own proposals directly on the DigitalNote website. The team will evaluate these, once enough primary votes are secured, and assess resource requirements. If the change is feasible, a cost will be associated with the feature so that it can be sponsored and funded. Once the target cost is reached, payable in 2XDN, the changes will be prioritized and implemented.
- Traditional voting – This process will allow the community to vote a yes or a no on a proposal.
The voting mechanism has been bundled directly into the NEW DigitalNote Mobile wallet. The payment processor links to popular web3 wallets. MetaMask, Trustwallet, etc. are all compatible.
The community will post their own proposals directly on the DigitalNote website. The team will evaluate these and assess resource requirements. If the change is feasible, a cost will be associated with the feature so that it can be voted on and funded. Once the target cost is reached, payable in 2XDN, the changes will be prioritized and implemented.
It really is time for XDN Supporters to start partying!
The team working on this project is incredibly responsive to any issues, or problems that occur and we have an active Discord server to help the community with wallet issues and general support. Join us today.
You can also find us on Twitter
Now on Crypto.com
Have fun and stay safe!
The DigitalNote XDN Team
If you are keen to get in and help with the development of DigitalNote, please contact the team on our Discord chat. We are looking for volunteers to help with all aspects of DigitalNote XDN.
References:
History of DigitalNote: The Past, The Current, The Future
The post Your inside scoop on the Hybrid DigitalNote DAO appeared first on DigitalNote | XDN.
